If you want to work in a part of financial services that has a bright future locally, the Monetary Authority of Singapore (MAS) has provided some clues as to where the growth is, as part of an announcement about two of its training programmes.
MAS and the Institute of Banking and Finance announced extensions on Friday to the “enhanced training support measures” that have helped the finance industry during the pandemic. The course fee subsidies under the IBF-Standards Training Scheme and Financial Training Scheme will be extended by six months to 30 June 2022, with 80% of course fees subsidised, before returning to a more sustainable rate of 70% and 50%, respectively, from 1 July 2022.
The extensions will continue to support the training momentum in the financial services sector in “new growth” areas such as sustainable finance and family offices, MAS said in a statement.
This suggests that the recent growth in family office jobs is sustainable over the long term and isn’t just a short-term bubble. Last year, 221 single and multi-family offices opened in the Republic, up from 129 in 2019 and just 22 in 2018. Singapore introduced the tax-efficient Variable Capital Company (VCC) legal structure in January last year, designed to attract the assets of family offices and fund managers. Singapore’s reputation as a safe haven has made it an appealing base for North Asia’s ultra rich to park their assets. High profile Western family offices have also launched, including Google co-founder Sergey Brin’s Bayshore Global Management.
Meanwhile, sustainable finance has started to flourish in Singapore. DBS, Temasek, Standard Chartered and SGX announced last month that they are launching a joint venture global carbon exchange later this year. In April, UOB appointed Eric Lim into the newly created position of chief sustainability officer. Lim wants the bank to reach $15bn in sustainability loans by 2023, and has highlighted an estimated $1 trillion in sustainable opportunities across Southeast Asia. Deutsche Bank is hiring in Singapore following its decision last month to launch a centre of excellence in Singapore for environmental, social and corporate governance (ESG).
Both the sustainable finance and family office sectors are, however, suffering from talent shortages, so the extension of the training schemes will be welcomed by employers.
Across all parts of the finance sector, close to 500 financial institutions have used the training programmes since they were introduced in April 2020.
Photo by Artem Beliaikin on Unsplash
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